The Australian Securities and Investments Commission has accepted an enforceable undertaking from a former employee of Commonwealth Financial Planning following his failure to perform duties according to standard.

Simon Langton, a financial planner at Commonwealth Financial Planning in Western Australia, is banned from providing financial services for a minimum of two years and must complete appropriate professional education requirements and adhere to strict supervision rules for 12 months should he re-enter the industry. 

Langton was found to have violated practice guidelines, including the failure to complete financial needs analysis documentation, failure to make inquiries in relation to the personal circumstances of clients prior to giving advice, failure to provide clients with statements of advice, failure to provide SOAs within a reasonable time period, failure to disclose fees in the SOA and allowing clients to sign blank FNA documentation. 

The ASIC accepted an enforceable undertaking from CFP in 25 October 2011 requiring the firm to conduct a comprehensive review of its operations. Former clients of Langton have been advised that they are entitled to claim compensation. 

Investigations into the conduct of several other advisors at CFPL is ongoing.